Integrated Chip Payment Standards
Posted by Ambria Frazier
Learn more about The Integrated Chip Payment Standards: The Next Generation Conference that was held in December, 2013.
Contact: David Fettig, (612) 204-5274, David.Fettig@mpls.frb.org January 28, 2014
Integrated Chip Payment Standards: The Next Generation
The benefits and costs of open, consensus standards to complement the implementation underway in the U.S. of EMV/ integrated chip (IC) cards was the subject of a recent cross-industry meeting. The Federal Reserve Bank of Philadelphia hosted the meeting on December 9 and 10, 2013, which was co-sponsored by Accredited Standards Committee X9, Inc. – Financial Industry Standards and the Federal Reserve Bank of Minneapolis.
Attendees represented a wide variety of stakeholders, including card brands, card issuers, merchants, acquirers, debit networks, processors, equipment and card manufacturers, security solution providers, mobile payments experts, government, standards development experts, associations, merchant representatives, ATM industry representatives, and others.
The objectives of the structured discussion included: identification of standards development actions to address gaps in the EMV/ IC implementation; determination if open, consensus standards can improve global interoperability of EMV/ IC technology; discussion of how the industry can best determine future technology and standards needed to strengthen IC standards for payments; and discussion of next steps based on the consensus of meeting attendees.
See Attachment-Integrated Chip Payment Standards-Jan 28 2014 for full description of the meeting.
As one of the 12 Federal Reserve banks, the Federal Reserve Bank of Minneapolis contributes to a variety of Federal Reserve System functions, including operation of a nationwide payments system, distribution of the nation’s currency and coin, supervision and regulation of member banks and bank holding companies, and serving as a fiscal agent for the U.S. Treasury. Additionally, the president of the Minneapolis Fed serves as a member of the Federal Open Market Committee, the monetary policymaking arm of the Federal Reserve’s Board of Governors. Together with its branch in Helena, Mont., the Minneapolis Fed serves the Ninth Federal Reserve District, which includes Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.